HAMILTON, BERMUDA -- (Marketwired) -- 05/01/13 -- Brookfield Property Partners L.P. (NYSE: BPY) (TSX: BPY.UN) today announced financial results for the quarter ended March 31, 2013 for the commercial property operations of Brookfield Asset Management Inc. ("Brookfield carve-out"). Brookfield Property Partners also provided pro forma financial results that reflect the Brookfield carve-out financial statements with adjustments to give effect to the spinoff and the acquisition by Brookfield Property Partners of its business and assets as of March 31, 2013 (in the case of the statement of financial position data) and January 1, 2012 (in the case of the statement of operations data). A reconciliation of the Brookfield carve-out financial results to the pro forma financial results is provided in Appendix A.
"Brookfield Property Partners is an ideal security for investors seeking diversified exposure to best in class real estate on a global basis," stated Ric Clark, Chief Executive Officer. "We're pleased that we are now listed on the New York and Toronto stock exchanges and are pursuing investment opportunities in all sectors and across multiple geographies."
Pro Forma Financial Results(US$ millions) Three months ended March 31, 2013 2012 --------- ---------Total revenue $ 1,125 $ 752Funds from operations ("FFO") (1) 149 123Total Return(1) 357 526Net income 539 673 --------- ---------Net income attributable to limited partnership units ("LP Units") $ 49 $ 60Net income attributable to redeemable/exchangeable operating partnership units held by Brookfield ("REUs") 241 297 --------- ---------Net income attributable to LP Units and REUs 290 357Net income attributable interests of others in consolidated subsidiaries 249 316 --------- ---------Net income $ 539 $ 673 --------- --------- Mar. 31, Dec. 31, 2013 2012 --------- ---------Total assets $ 47,809 $ 47,145Total liabilities 24,953 24,471Equity attributable to LP Units 2,011 1,998Non-controlling interests of others in consolidated subsidiaries 10,974 10,865Non-controlling interests attributable to REUs 9,871 9,811 --------- ---------(1) FFO and Total Return represent interests attributable to LP Units and REUs. The interests attributable to REUs are presented as non-controlling interests in the pro forma statement of income. See "Pro-forma Reconciliation of NOI, FFO and Total Return to Net Income" below in this news release for the components FFO.
